FORECLOSURE FILINGS FALL IN SEPTEMBER

Oct. 15, 2014

EUGENE, Ore. — There were 26% fewer foreclosures filed last month in the 24 Oregon counties monitored by Gorilla Capital than in August. In September, 493 foreclosures were filed compared to 663 in August, 600 in July and 522 in June. The most foreclosures filed in one month this year was in May, when 672 were filed. The fewest foreclosures filed during 2014 was 373 in January and 395 in February.

“For the past six months total monthly foreclosures filings stayed between 522 and 672,” said John Helmick, CEO of Gorilla Capital.  “In my view, September was an anomaly. While foreclosure filings are definitely down from previous years, we know there are many more foreclosures at the front end of the process waiting to be filed. Lenders will continue to be aggressive as foreclosure filings from months ago are finally working through the state mandatory pre-foreclosure time frames and borrowers are through the state-mandated processes.”

September non judicial (Notice & Sale) foreclosure filings tallied 180, while in August they reached 215 compared to 146 in July; nine fewer filings than in June. Court foreclosures dropped for the second consecutive month to 313 from 448 in August, 454 in July, and 365 in June.

Also, Gorilla reports that 67% of the foreclosed homes they purchased in Oregon were vacant this past month.

“Zombie or vacant homes are a good indicator there are many more houses that have yet to make it through the foreclosure process,” Helmick said. “We see Zombies in nearly every neighborhood and all have been empty for months or years. We expect more Zombies to pass through foreclosure and back onto the market over the next few months.”